Here’s an excerpt from what Google is telling its AdSense clients:
Advertisers spend more money on campaigns that reach the right audience; helping them do that should drive more revenue to your websites. This week we’re announcing plans to provide interest-based advertising across AdSense publisher sites…With this enhancement they’ll also be able to reach users based on their previous interactions with them, such as visits to the advertiser website, as well as reach users on the basis of their interests (such as “sports enthusiasts” or “travel enthusiasts”)…To develop interest categories, we’ll recognize the types of webpages users visit across the AdSense network. As an example, if they visit a number of sports pages, we’ll add them to the “sports enthusiast” interest category.